Housing Market Changes: What You Need to Know
Date Published
The housing market has seen big changes recently, leaving many wondering about its future. One major change has been the increase in mortgage rates last year, making it harder for people to buy homes. Additionally, after years of rising prices, home values peaked last summer, many people predicted a market crash due to the rapid increase in home prices.
National home prices have remained stable despite the pandemic-driven home buying frenzy that increased home values. Lawrence Yun, the Chief Economist at the National Association of Realtors (NAR), predicts this trend will continue. According to Yun, "most parts of the country will see steady home prices, with only minor changes in the national median home price."
Low inventory is a reason why home prices are not decreasing. According to Yun, there simply isn't enough inventory to meet demand, which means that prices are likely to stay stable or even rise in most markets. Yun says it's unlikely that home prices will drop as much as they did in the past.
Fewer homes for sale are leading to bidding wars, making it harder for buyers to find affordable homes, and driving up prices. The low inventory is expected to continue this year, so this trend is likely to continue.
Limited inventory is causing bidding wars, driving up prices and making it harder for homebuyers to find affordable homes. This trend is expected to continue throughout the year, making it challenging for buyers to find their dream home.
Homeowners with substantial home equity are less likely to sell, exacerbating the limited inventory issue. There are fewer homes for sale because distressed sales, like foreclosures or short sales, are rare.
Having a trustworthy real estate agent is essential with today's housing market changes. Someone who knows the area well and can deal with the current market changes.
The Onward Real Estate Team has experienced professionals who can help you navigate the complexities of the housing market. We promise to give you outstanding service, helping you make the best decisions for your real estate objectives.
If you're planning to buy or sell a home this spring, feel free to contact us now. Let us help you in finding your ideal home or selling your property at the best price possible.